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67A.550 Duties of board.

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Page 1 of 1 67A.550 Duties of board. In addition to other duties provided in KRS 67A.360 to 67A.690, the board shall: <br>(1) Establish and maintain an office in the facilities provided by the government for the meetings of the board and the keeping of the books, accounts, and records of the <br>fund; hold regular meetings monthly, and such special meetings as may be deemed <br>necessary; and keep a full record of all of its proceedings, which shall be open to <br>inspection by the public; (2) Provide for the installation of a system of accounts and records that will give full effect to the requirements of KRS 67A.360 to 67A.690; adopt all necessary <br>actuarial tables to be used in the operation of the fund; and provide for the <br>compilation of such statistical and financial data as may be required for actuarial <br>valuations, periodic surveys, and calculations; (3) Obtain such information from the participating members and the government as shall be necessary for the proper operation of the fund; (4) Consider and pass upon all applications for annuities, benefits, refunds and other payments, and authorize the expenditure for such purposes, in accordance with the <br>provisions hereof. The board shall have authority to promulgate such rules and <br>regulations, not inconsistent with the provisions of KRS 67A.360 to 67A.690, <br>necessary for the proper determination of all claims before it; (5) Accept any gift, grant, or bequest of any money or property of any kind, for the purposes designated by the grantor if such purposes are specified as providing cash <br>benefits to some or all of the members or annuitants of the fund; if no such purposes <br>are designated, the same shall be credited to the account representing income from <br>investments; and (6) Have the accounts of the fund audited in accordance with Government Auditing Standards, issued by the Comptroller General of the United States, as of the end of <br>each fiscal year, by a competent accountant, and submit the audit report to the <br>government with other financial or statistical data as are necessary for a proper <br>interpretation of the condition of the fund and the results of its operations. The <br>board shall also cause to be published for distribution among the members a <br>synopsis of such report. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 311, sec. 2, effective July 15, 1996. -- Created 1974 Ky. Acts ch. 106, sec. 20, effective July 1, 1974.